Posted by
The Conservative Hispanic on Tuesday, July 22, 2008 11:54:18 PM
Thomas Sowel provides perspective where the media can't.
It was not that many years ago when there was moral
outrage ringing throughout the media because lenders were reluctant to lend in
certain neighborhoods and because banks did not approve mortgage loan
applications from blacks as often as they approved mortgage loan applications
from whites.
All this was an opening salvo in a campaign to get
Congress to pass laws forcing lenders to lend to people they would not otherwise
lend to and in places where they would not otherwise put their money.
The practice of not lending in some neighborhoods
was demonized as "redlining" and the fact that minority applicants were approved
for mortgages only 72 percent of the time, while whites were approved 89
percent, was called "overwhelming" evidence of discrimination by the Washington
Post.
It's not that complicated folks. I know plenty of friends of Hispanic heritage who went in over their heads... just because the banks were willing to give them more than they could afford. Why would banks do that?
Read Sowel's piece. Now it's clear that the government has done minorities a disservice by distorting the capital markets.